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With gold trading at around $1,600 an ounce, this most precious of metals seems to many like a smart investment. And if you have a television, you've doubtless seen ads encouraging you to buy physical gold. But think twice: Owning bullion can be more trouble than it's worth, and alternatives exist.

Today, as gold surges past $1,600 an ounce, it's tempting to start rummaging through your jewelry box to raise cash. But there are other, better ways of making money from rising prices. Read on to find out how -- but first, you should know why gold is spiking, and how the price might change.